For Which Type of Variable Can the Mode Be Calculated

question 28

Multiple Choice

For which type of variable can the mode be calculated?

• A) Nominal
• B) All of these
• C) Ordinal
• D) Interval/ratio

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Definitions:

FIFO

First-In, First-Out (FIFO) is an inventory valuation method where goods first added to inventory are the first ones considered sold.

Ending Inventory

The financial value of products on hand for selling at the end of a fiscal period.

Units

basic quantities or measurements used as a standard to express values, amounts, or sizes.

Cost of Goods Sold

Direct costs attributable to the production of goods sold by a company, including material, labor, and manufacturing overhead expenses.